JPMorgan Chase & Co. reported fourth‑quarter 2025 results that surpassed consensus estimates, delivering net income of $13.0 billion, or $4.63 per share, and an adjusted earnings per share of $5.23. Total revenue rose 7% year‑over‑year to $46.77 billion, beating the consensus estimate of $46.25 billion. Net interest income reached $25.1 billion, while investment‑banking fees fell to $2.35 billion and trading revenue climbed to $2.90 billion. Credit costs totaled $4.7 billion, including a $2.2 billion reserve build tied to the Apple Card portfolio acquisition from Goldman Sachs.
Consumer & Community Banking (CCB) generated $3.6 billion in net income, a 6% revenue increase to $4.0 billion, reflecting steady deposit growth and fee‑income expansion. Commercial & Investment Bank (CIB) posted $7.3 billion in net income, with revenue up 10% to $8.5 billion, driven by robust markets activity and a 17% rise in markets revenue. Asset & Wealth Management (AWM) earned $1.8 billion, with revenue up 13% to $6.5 billion, supported by record client asset inflows of $553 billion that lifted total assets to over $7 trillion.
The one‑time $2.2 billion reserve for the Apple Card portfolio reduced net income by 7% compared with the $14.0 billion reported in Q4 2024, but the underlying operating performance remained strong. Credit costs outside the Apple Card reserve rose to $2.5 billion from $1.7 billion a year ago, reflecting a higher net charge‑off of $2.5 billion and a $2.1 billion reserve build for other credit‑loss exposures. These provisions underscore JPMorgan’s cautious stance on its expanded consumer‑credit exposure while positioning the bank for future growth in the Apple Card business.
Management guided for 2026 net interest income of approximately $103 billion, up from the prior guidance of $95 billion, and adjusted expenses near $105 billion, unchanged from the previous outlook. The upward revision in net interest income signals confidence in continued demand for loans and a favorable interest‑rate environment, while the steady expense guidance reflects disciplined cost management amid planned technology and AI investments.
Jamie Dimon highlighted the resilience of the U.S. economy and the bank’s ability to navigate regulatory uncertainty, noting that “the firm concluded the year with a strong fourth quarter.” CFO Jeremy Barnum emphasized the impact of the Apple Card reserve and warned that proposed credit‑card fee caps could reduce credit availability. Investors reacted cautiously, acknowledging the earnings beat but weighing the higher credit costs and a modest decline in investment‑banking fees.
Investors responded with a modest pre‑market uptick, reflecting the earnings beat while remaining mindful of the headwinds from higher credit provisions and the competitive pressure in investment banking.
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